Morocco: The Foreign Exchange Office intensifies the fight against money laundering and strengthens its controls

Regarding the verification of compliance with the requirements of the fight against money laundering and the financing of terrorism (AML/CFT), 151 files relating to Currency Exchange Companies have been completed, the document reveals. In 2024, the Foreign Exchange Office strengthened its on-site control system with 361 investigations carried out, compared to 353 in 2023.

In detail, 256 investigations were carried out as part of the control of companies in various sectors of activity (Trade, Industry, Agri-food, Textile, Service and ICT, etc.). Similarly, 105 investigations focused on the control of Currency Exchange Companies (CEC) in terms of manual currency exchange activity (57 investigations) and their compliance with the national system for combating money laundering and the financing of terrorism (48 investigations).

The most controlled sectors of activity in 2024 are banks and manual exchange operators (32.7% of the investigations), individuals (32.7%), and other operators (34.6%). Despite Morocco’s exit from the FATF grey list, the Foreign Exchange Office has maintained its efforts to strengthen the compliance of Currency Exchange Companies (CEC) with the legislative and regulatory rules on combating money laundering and the financing of terrorism (AML/CFT).

To this end, an action plan has been launched to help these structures to align themselves sustainably with the FATF international standards. This approach is part of a long-term logic, focused on training and awareness-raising, and supported by the National Risk Assessment (NRA) and the roadmap of the national task force.